[Form 4] Riot Platforms, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jason Les, listed as CEO and a director of Riot Platforms, Inc. (RIOT), reported insider sales on a Form 4. The filing shows sales effected on 09/24/2025 under a Rule 10b5-1 trading plan adopted on 09/10/2024. The report lists a weighted average sale price of $20.04 per share (sales prices ranged $20.00–$20.10) and states the Reporting Person beneficially owns 896,659 shares indirectly through a trust. The Form is signed by an attorney-in-fact on 09/26/2025. The filing includes an explanatory footnote that full transaction detail will be provided upon request.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating a pre-established, compliant process
• Weighted average price disclosed ($20.04) with explicit price range ($20.00–$20.10), improving transparency
• Indirect beneficial ownership disclosed (896,659 shares held in trust), providing clarity on continuing holdings

Negative

• Insider disposals reported, which may reduce insider-held stake (sales of shares on 09/24/2025)
• Full transaction-level details not included in the Form; available only upon request, limiting immediate transparency

Insights

Securities Analyst

TL;DR: Insider sales were executed under a pre-established 10b5-1 plan; the filing discloses weighted-average sale pricing and remaining indirect ownership.

The Form 4 documents disposals executed on 09/24/2025 pursuant to a Rule 10b5-1 plan adopted 09/10/2024, with a reported weighted average sale price of $20.04 and price range $20.00–$20.10. The report shows the reporting person retains indirect beneficial ownership of 896,659 shares held in trust. The filing follows standard disclosure practice by noting availability of full transaction-level details upon request. From an equity-monitoring perspective, this is a routine scheduled sale under a trading plan rather than an ad-hoc disposition.

Corporate Governance Expert

TL;DR: Governance procedures appear followed: sale via 10b5-1 plan and disclosure of trust ownership; no additional governance issues disclosed.

The Form 4 identifies Jason Les as both CEO and a director and indicates the sales were made pursuant to a documented 10b5-1 trading plan, which is a common governance mechanism to mitigate insider trading concerns. The filing discloses indirect ownership through a trust and commits to provide transaction specifics on request. There are no statements in the filing indicating amendments, special waivers, or unusual transfer mechanisms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Les Jason

(Last) (First) (Middle)

C/O RIOT PLATFORMS, INC.

3855 AMBROSIA STREET, SUITE 301

(Street)

CASTLE ROCK CO 80109

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Riot Platforms, Inc. [ RIOT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/24/2025		S(1)		23,252	D	$20.04(2)	896,659	I	See Footnote(3)
Common Stock								7,253,244	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2024.

2. These shares were sold on the indicated date in a series of multiple transactions at prices ranging from $20.00 to $20.10, inclusive, per share. The price reported above reflects the weighted average sales price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transactions were effected.

3. Shares held in trust by Jason M. Les, as Trustee of The Jason M. Les Trust dated March 8, 2021.

	/s/ Tanya McGill, Attorney-in-Fact for Jason Les	09/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Jason Les report on Form 4 for RIOT?

The Form 4 reports that Jason Les sold shares on 09/24/2025 under a Rule 10b5-1 trading plan adopted on 09/10/2024.

At what price were the RIOT shares sold by the reporting person?

The filing reports a weighted average sale price of $20.04 per share, with individual sale prices ranging from $20.00 to $20.10.

How many RIOT shares does Jason Les beneficially own after the reported transaction?

The Form 4 discloses 896,659 shares beneficially owned indirectly, held in trust by Jason M. Les as Trustee.

Was the sale a one-off transaction or part of a plan?

The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 09/10/2024.

Where can I find detailed per-transaction quantity and price information?

The filing states the reporting person will provide full information regarding the number of shares and prices upon request by the SEC staff, the issuer, or a security holder.